GRGTEST(002967) 申万宏源·2024-12-12 00:52Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [6][7]. Core Insights - The company announced its mid-term profit distribution plan, which includes a cash dividend of 2.50 yuan per 10 shares, marking the highest dividend since its listing in 2019. This distribution represents over 75% of the net profit for the first three quarters of 2024 [6][7]. - The company has initiated a share buyback program with a total amount reaching 360 million yuan as of November 29, 2024, reflecting management's confidence in the company's future [6][7]. - The management has undergone a restructuring and introduced an equity incentive plan, which is expected to enhance operational efficiency. The company reported a revenue of 816 million yuan in Q3 2024, a year-on-year increase of 11.4%, and a net profit of 109 million yuan, up 50.2% year-on-year [6][7]. Financial Summary - For the first three quarters of 2024, the company achieved a total revenue of 2.16 billion yuan, a year-on-year growth of 10.0%, and a net profit of 189 million yuan, reflecting a 42.2% increase compared to the previous year [8][11]. - The projected net profits for 2024, 2025, and 2026 are estimated at 297 million yuan, 397 million yuan, and 530 million yuan, respectively, with corresponding price-to-earnings ratios of 34, 26, and 19 [7][8]. - The gross profit margin for Q3 2024 was reported at 48.91%, an increase of 5.40 percentage points year-on-year, indicating improved profitability [6][7].